Sora Industries has 62 million outstanding shares, $127 million in debt, $56 million in cash, and the following projected free cash flow for the next four years Year 2 Earnings and FCF Forecast ($ million) 1 Sales 2 Growth vs. Prior Year 3 Cost of Goods Sold 4 Gross Profit 5 Selling, General, & Admin 6 Depreciation 7 EBIT 8 Less: Income Tax at 40% 9 Plus: Depreciation 433.0 468.0 8.1% 574.3 5.0% (313.6)(345.7) (366.5) (384.8) 189.5 (93.6) 103.2) (109.4)(114.9) (9.5) 65.2 516.0 10.3% 547.0 6.0% 154.4 170.3 180.5 (7.5) 59.6 (21.5) (23.8) (24.8) 7.5 (7.0) 53.8 (9.0) 62.1 7.0 9.0 9.5